Solar Energy Opportunities

At least 20 solar projects are installed on capped landfills in the U.S., with many more planned for the future, according to the U.S. EPA’s Office of Land and Emergency Management. RACER Trust’s inventory of industrial properties includes 15* closed and capped landfills currently in long-term operation, maintenance and monitoring or other industrial parcels that may potentially be suitable for reuse for large-scale solar project development and which are available for sale.

When you purchase a RACER Property, RACER may have already completed the cleanup of environmental media there. If necessary cleanup work is not yet completed, RACER will continue its remedial activities until cleanup is completed. RACER’s goal for each cleanup of environmental media is to secure a No Further Action letter (or similar determination) based on non-residential standards from the lead environmental regulatory agency (i.e., either the US Environmental Protection Agency (USEPA) or the equivalent State agency) for each RACER Property, subject to the scope, terms, limitations and funding provided for through the Settlement Agreement.

In general:

RACER is responsible for:

The cost of addressing the legacy contamination of environmental media issues at each RACER Property for which a budget for such remedial work is provided in the Settlement Agreement.

Achieving an end-point such that the RACER Property is suitable for future industrial use, subject to whatever use restrictions may be required as part of the approved remedy for the Property.

The purchaser is responsible for:

Compliance with applicable Federal and State environmental laws and regulations post-closing, including due care obligations.

Costs relating to management and disposal of regulated materials generated by the purchaser:

Inside and outside of buildings and other Property improvements.

In connection with the purchaser’s development and underground construction activities.

Funding the incremental cost, if any, to achieve a more stringent cleanup to support a zoning change or change in land use.

RACER is permitted and encouraged to sell its Properties before completing its cleanup activities at these Properties. In these cases:

RACER will continue to be responsible for completing the required cleanup activities post-closing via access provided by an Environmental Easement Agreement and Restrictive Use Agreement.

RACER will reserve the right to record the land use restrictions required to secure the No Further Action Letter.

RACER will not transfer its funding or responsibility for completing cleanup activities required at RACER Properties to a purchaser, lessee or third party.

The Settlement Agreement and RACER’s transactional documents provide protection to purchasers against liability for legacy contamination of environmental media at a RACER Property. Additional liability protections may be available from the USEPA and/or the equivalent State agency for purchasers of RACER Properties.

*14-acre portion of former Massena Powertrain Plant expected to be segregated as capped landfill in 2016.